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Financial stability within a law firm practice does not guarantee harmony within the partnership itself — far from it. Law firm management that does not acknowledge or reflect the importance of firm leadership and the contributions and needs of its members endangers a firm's cohesiveness and its very existence, no matter how many clients come through the front door.
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For members of a conservative industry that — literally — wrote the rulebook on sexual harassment, law firms need to be ready for a day of reckoning that seems inescapable (and may have already happened by the time this article is published).
Features
<b><i>Stop Obsessing About the Millennials (for Now)</b></i><p>For decades, members of Generation X have been stuck between two behemoth, attention-draining generations, wondering if they would forever be relegated to back-bench leadership — mere seat-warmers for ambitious millennials waiting for baby boomers to retire. Now, as boomers slowly face their own mortality and aging bodies after a lifetime of devotion to work, there is no longer a need to question whether Gen X will have an opportunity to lead.
Features
With the new year upon us, law firms have just been through the typical year-end crush of collections, budgeting, compensation decisions and more. The authors recently took a look at 2017's hottest trends, and explored what we could expect from them in 2018.
Features
Before starting a training program, conduct a needs assessment when performance is inappropriate or inadequate. This means when one or more attorneys or staff are not doing what they should be doing, or they are doing something they should not be doing. Here's how to proceed.
Features
<b><i>Better Yet: 'Personal Strategic Plans'</i></b><p> If law firm partners thought of themselves as their own small business and not just a member of their firm, they would embrace the idea of creating a personal strategic vision. No need to hire a consultant; it just takes thought and time to memorialize it.
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<b><i>Last Year Saw a Number of Interesting Decisions Concerning the Identity, Rights and Obligations of Non-Equity Owners, Including Partners and Shareholders</b></i><p>2017 saw a number of interesting decisions concerning the identity, rights and obligations of non-equity owners, including partners and shareholders. As more firms utilize non-equity members to play vital roles within their firms, it will become more important for them to take note of these decisions and the guidance they provide.
Features
<b><i>A Different Perspective </b></i> <p>Here are five ideas that lawyers can learn from the military. They just might work for you and your firm.
Features
<b><i>Data-Driven Research by ALM Intelligence Suggests Three Reasons Why Gender-Diverse Partnership Fails</b></i><p>It is now common knowledge that female headcount within the ranks of Big Law partnership, both equity and non-equity, has held steady for the past few years at around 20%. The obvious question is, why?
Features
Failure to increase senior billing rates differentially, and thus to rebalance the source of margin from junior to senior lawyer time, will result in a calamitous decline in profitability. It can be avoided if firms start now to gradually change their billing rate structures.
